Wolverine Asset Management LLC Invests $1.13 Million in Core & Main, Inc. $CNM

Wolverine Asset Management LLC acquired a new stake in Core & Main, Inc. (NYSE:CNM) during the third quarter, according to its most recent filing with the SEC. The firm acquired 21,000 shares of the company’s stock, valued at approximately $1,130,000.

Several other institutional investors also recently bought and sold shares of CNM. Geode Capital Management LLC lifted its position in Core & Main by 0.5% in the second quarter. Geode Capital Management LLC now owns 3,472,477 shares of the company’s stock valued at $209,597,000 after purchasing an additional 18,874 shares during the period. Bessemer Group Inc. boosted its stake in shares of Core & Main by 0.4% during the 2nd quarter. Bessemer Group Inc. now owns 3,371,475 shares of the company’s stock worth $203,467,000 after acquiring an additional 14,244 shares in the last quarter. Amundi grew its holdings in shares of Core & Main by 2.8% in the 2nd quarter. Amundi now owns 3,357,973 shares of the company’s stock worth $186,955,000 after acquiring an additional 92,355 shares during the period. Handelsbanken Fonder AB increased its stake in Core & Main by 14.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,823,433 shares of the company’s stock valued at $170,394,000 after purchasing an additional 351,219 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Core & Main by 20.6% during the second quarter. Bank of America Corp DE now owns 2,255,531 shares of the company’s stock worth $136,121,000 after purchasing an additional 385,659 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNM has been the topic of several research reports. UBS Group started coverage on Core & Main in a report on Monday, September 29th. They issued a “buy” rating and a $65.00 target price on the stock. Citigroup boosted their price objective on shares of Core & Main from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Core & Main from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Zacks Research upgraded shares of Core & Main from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Finally, Barclays reduced their price target on shares of Core & Main from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Core & Main Stock Performance

Shares of NYSE CNM opened at $58.51 on Friday. The company has a market cap of $11.44 billion, a PE ratio of 25.78, a price-to-earnings-growth ratio of 1.96 and a beta of 0.98. Core & Main, Inc. has a 12 month low of $43.17 and a 12 month high of $67.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.26 and a quick ratio of 1.35. The company has a 50-day simple moving average of $51.84 and a 200-day simple moving average of $55.90.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.72. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Core & Main had a net margin of 5.60% and a return on equity of 24.63%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 earnings per share. On average, equities analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Core & Main declared that its board has approved a stock buyback plan on Tuesday, December 9th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.